Estee Lauder (EL) official guidance

We expect capital expenditures for the full-year to be approximately 4% of sales as we continue to prioritize consumer-facing investments to fuel growth, including upgrades to our brick-and-mortar and online distribution channels, as well as targeted expanded consumer reach.

Diluted EPS is expected to range between $3.10 and $3.35, assuming a weighted average share count of approximately 368 million shares.

We expect an effective tax rate in the range of approximately 33%-34%, building upon the progress we made in fiscal 2026.

Diluted EPS is expected to range between $3.10 and $3.35, assuming a weighted average share count of approximately 368 million shares.

This reflects, in part, our strong fiscal 2026 results, continued operating leverage in non-consumer facing expenses, and a modest expansion in gross margin.

For the fiscal year, innovation as a percentage of sales is set to increase 200 basis points to 250 basis points, led by skincare.

In fiscal 2027, we expect to generate net cash flows from operating activities between $1.3 billion and $1.4 billion.

We are raising our preliminary outlook and now expect operating margin to range between 12.7% and 13.5%.

As we look forward on the guide that we have given 150 basis points to 230 basis points margin expansion, as we mentioned, that gross margin would be a modest driver, but a large part of the driver here will come, as you pointed out, from all of the SG&A, which includes employee cost and the announcement we made of the total restructuring that continues through 2027.

For fiscal 2027, we expect organic net sales growth in the range of 3%-5%, reflecting more diversified growth across product categories and geographic regions.

Looking at EUKEM, we expect stronger sales growth in the second half of the year as we lap the business disruptions related to the conflict in the Middle East that affected the second half of fiscal 2026.

As we look to 2027, of course, the outlook is 3%-5% on sales growth, but it is a much more diversified growth, as Stéphane just said. North America should accelerate. Makeup should accelerate.

As we look to 2027, of course, the outlook is 3%-5% on sales growth, but it is a much more diversified growth, as Stéphane just said. North America should accelerate. Makeup should accelerate.

The restructuring program is expected to yield annual gross benefits of approximately $1.2 billion, at the high-end of the previously announced range of between $1.0 billion and $1.2 billion, before taxes, to help restore operating margin, offset inflation and fuel increased reinvestments in consumer-facing areas to drive sustainable sales growth.

•An adjusted effective tax rate in the range of approximately 33% to 34%

•Expanded social impact investments with an anticipated $50 million by 2030 to advance women's health, education, leadership, and entrepreneurship, alongside an expected $10 million for employee giving and volunteerism by 2030

| Forecasted/As Reported EPS - GAAP | | | $2.52 - $2.85 | $ | .50 | 100+% |

| Forecasted/Adjusted EPS - Non-GAAP | | | $3.10 - $3.35 | $ | 2.51 | 24% - 34% |

| Forecasted/Adjusted Constant Currency EPS - Non-GAAP | | | $3.06 - $3.31 | $ | 2.51 | 22% - 32% |

•Adjusted operating margin of 12.7% to 13.5%, an increase from the Company’s preliminary outlook in May 2026 of 12.5% to 13.0%. This reflects, in part, the Company’s strong fiscal 2026 results, continued operating leverage in non-consumer facing expenses and a modest expansion in gross margin.